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Sunday, July 3, 2022

Datto Holding Corp. (MSP) stock surged in the Current Market; here is why?

Datto Holding Corp. (MSP) stock gained in the current market after announcing that Kaseya had acquired it. MSP values at around $34.72, gaining more than 20% from the previously closed price. The stock closed at approximately $28.73 at the end of the last trading session with a trading volume of 519.95K shares.


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Global Software Products Industry

Datto Holding Corp. (MSP) is a security and cloud-based solution provider. According to the estimates, if we look at the global software products industry, it will be valued at around $1.14 trillion in 2021. It is expected to reach $1.3 trillion in 2022 with a compound annual growth rate of 14.6%. The experts have suggested that the global market size of software products will be around $2.15 trillion in 2026, with a compound annual growth rate of 13.3%.

Since the covid-19 pandemic and now the Russian invasion of Ukraine, the demand for security services has increased significantly due to the attacks by hackers. The company also provides cloud-based services and solutions, and since the covid-19 pandemic, remote working has increased, and the commercial activities have been halted, resulting in operational obstacles. So the demand for cloud-based services increased in the market.

MSP acquired by Kaseya

In a deal worth $6.2 billion, Datto Holding Corp. (MSP) announced that Kaseya had agreed to buy Datto in a formal deal. Investors including TPG Capital, Temasek, and Sixth Street will finance the all-cash purchase.

Stockholders of Datto will get $35.50 per share, valuing the company at over $6.2 billion. At $23.37 per share on March 16, 2022, the offer provides a 52 percent premium over Datto’s unchanged market price. For the 30-day volume-weighted average price of Datto shares ending March 16, 2022, this offer implies a 48 percent premium.

Conclusion

MSP gained significantly after being acquired by the Kaseya. The investors appreciate the decision and are investing in the stock. The stock is 20% higher than the previous close but is bought at a 52% premium. Investors still have the chance to buy the undervalued stock.

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